Shareholders of Yes Bank have given their consent for the reappointment of Prashant Kumar as Managing Director and Chief Executive Officer until April 2026, extending his term past October 2025.

This approval was granted during the bank’s 21st Annual General Meeting (AGM) held on August 21.

Kumar assumed his role in March 2020 after the Reserve Bank of India orchestrated a rescue for the struggling bank, and he has since been recognized for stabilizing operations, enhancing governance, and rectifying the balance sheet. His reappointment in 2022 extended his tenure until October 2025, and in June of this year, the RBI sanctioned an additional six-month extension to maintain leadership stability during the transition.

The continuity in leadership is particularly important as it aligns with a major development: SMBC’s definitive agreement to purchase a 20 percent stake in Yes Bank from the State Bank of India and other institutional stakeholders. Yes Bank has referred to the Japanese lender’s involvement as a “significant milestone” for its upcoming growth phase, bolstered by global expertise and new capital.

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Analysts suggest that Kumar’s ongoing involvement offers “critical assurance” to both investors and regulators as the bank navigates this ownership transition.

 

They argue that the fusion of foreign investment with established domestic leadership diminishes the risk of any disruption in strategy or execution.

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Shareholders approved all 11 resolutions, including the endorsement of audited standalone and consolidated financial statements for FY 2024–25, the appointment of statutory and secretarial auditors, and the endorsement of related-party transactions.

Approved resolutions also included the endorsement of the ‘YBL Restricted Stock Units Plan 2025,’ special rights granted to key stakeholders such as Verventa Holdings, Sumitomo Mitsui Banking Corporation, and State Bank of India, along with authorization to raise funds through equity and debt securities.

The bank reported a remarkable 92.3 percent year-on-year rise in net profit to Rs.2,406 crore for FY 2024–25, driven by increased income, disciplined cost management, and enhanced asset quality. Deposits surpassed Rs.2.85 lakh crore, with a CASA ratio of 34.3 percent. Net NPAs reduced to 0.3 percent of net advances, with provision coverage rising to 80 percent.

Yes Bank has emphasized its ongoing investments in digital platforms, risk management, and environmental, social, and governance (ESG) initiatives, including a shift to renewable energy and alignment with the UN Sustainable Development Goals.

The AGM was attended by all 13 members of the board, including Chairman Rama Subramaniam Gandhi, CEO Prashant Kumar, executive directors, independent directors, and nominee directors representing SBI and Verventa Holdings.